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A Failure of Design or Marketing? Or Both?

Managed-payout funds have failed to gain mass appeal, but that shouldn't come as a surprise.

One of the biggest conundrums for retirees is how to turn their nest eggs into regular retirement income. So when the likes of Fidelity and Vanguard started rolling out managed-payout funds in 2007 and 2008, they should have been an instant hit. The funds vary in structure -- some are designed to preserve...